Pinterest Beneish M-Score Historical Data
The historical data trend for Pinterest's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Pinterest Beneish M-Score Chart
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Pinterest Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.30 |
-2.32 |
-2.91 |
-3.21 |
1.73 |
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Pinterest Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.09 |
-3.02 |
-3.39 |
1.73 |
2.02 |
Competitive Comparison of Pinterest's Beneish M-Score
For the Internet Content & Information subindustry, Pinterest's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Pinterest's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Pinterest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pinterest's Beneish M-Score falls into.
Pinterest Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pinterest for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0688 | + | 0.528 * 0.9817 | + | 0.404 * 9.3626 | + | 0.892 * 1.1781 | + | 0.115 * 0.9663 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.946 | + | 4.679 * 0.176776 | - | 0.327 * 0.7701 |
| = | 2.02 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $710 Mil.
Revenue was 854.988 + 1154.13 + 898.373 + 853.68 = $3,761 Mil.
Gross Profit was 655.718 + 957.175 + 710.92 + 668.824 = $2,993 Mil.
Total Current Assets was $3,402 Mil.
Total Assets was $5,283 Mil.
Property, Plant and Equipment(Net PPE) was $131 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General, & Admin. Expense(SGA) was $1,502 Mil.
Total Current Liabilities was $404 Mil.
Long-Term Debt & Capital Lease Obligation was $144 Mil.
Net Income was 8.922 + 1847.475 + 30.556 + 8.887 = $1,896 Mil.
Non Operating Income was 4.519 + -13.33 + 3.237 + -4.596 = $-10 Mil.
Cash Flow from Operations was 363.706 + 253.995 + 248.027 + 106.426 = $972 Mil.
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Total Receivables was $564 Mil.
Revenue was 739.983 + 981.262 + 763.203 + 708.025 = $3,192 Mil.
Gross Profit was 558.892 + 803.166 + 592.205 + 539.285 = $2,494 Mil.
Total Current Assets was $3,414 Mil.
Total Assets was $3,667 Mil.
Property, Plant and Equipment(Net PPE) was $123 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $1,348 Mil.
Total Current Liabilities was $340 Mil.
Long-Term Debt & Capital Lease Obligation was $154 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (709.994 / 3761.171) | / | (563.865 / 3192.473) |
| = | 0.188769 | / | 0.176623 |
| | = | 1.0688 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (2493.548 / 3192.473) | / | (2992.637 / 3761.171) |
| = | 0.781071 | / | 0.795666 |
| | = | 0.9817 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3402.258 + 130.707) / 5282.696) | / | (1 - (3413.771 + 123.229) / 3666.719) |
| = | 0.331219 | / | 0.035377 |
| | = | 9.3626 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 3761.171 | / | 3192.473 |
| | = | 1.1781 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (20.158 / (20.158 + 123.229)) | / | (22.253 / (22.253 + 130.707)) |
| = | 0.140585 | / | 0.145482 |
| | = | 0.9663 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (1501.927 / 3761.171) | / | (1347.611 / 3192.473) |
| = | 0.399324 | / | 0.422121 |
| | = | 0.946 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((143.956 + 404.399) / 5282.696) | / | ((154.34 + 339.883) / 3666.719) |
| = | 0.103802 | / | 0.134786 |
| | = | 0.7701 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1895.84 - -10.17 | - | 972.154) | / | 5282.696 |
| | = | 0.176776 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Pinterest has a M-score of 2.02 signals that the company is likely to be a manipulator.
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